Femi Otedola Buys Additional N18bn Shares In First HoldCo

Businessman Femi Otedola has increased his ownership in First HoldCo Plc after purchasing additional shares valued at about N18.11 billion.

According to a regulatory filing released on August 7, Calvados Global Services Limited, a company linked to Otedola, bought 138,041,465 ordinary shares at N131.20 each on the Nigerian Exchange (NGX) on August 6.

The latest transaction raises Otedola’s stake in the financial institution from 11.85 billion shares, representing 25.8 percent, to 11.99 billion shares, giving him a 26.1 percent ownership.

The purchase comes shortly after Femi Otedola indicated that he intends to further increase his investment in the company.

In an interview earlier this month, the businessman disclosed that he has invested more than N600 billion of his personal funds in First HoldCo, describing it as a long-term investment rather than a short-term business opportunity.

Otedola also revealed that his preferred investment strategy is to hold a controlling interest in companies.

“My investment threshold is always over and above 51 percent,” he said.

“One of my key investment principles is that firm shareholder control, with due regard for minority interest, is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders.”

Meanwhile, First HoldCo’s shares have continued to perform strongly on the stock market.

On Thursday, the company’s share price climbed to a record N140, pushing its market value to N6.37 trillion and making it the most valuable listed banking group in Nigeria.

Since the start of the year, the bank’s shares have risen by more than 190 percent, supported by growing investor confidence and optimism over the company’s ongoing transformation under Otedola’s leadership.

ALSO READ: Femi Otedola Announces Plans To Invest $100m In Dangote Refinery